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Holders, on average, had an unrealized profit of 4.5% on their initial investments.
PEPE looked bearish upon examination of its key technical indicators.
Pepe the frog meme coin, represented by the symbol PEPE, experienced impressive growth over the past day, registering a 4.34% price increase as reported by CoinMarketCap.
The trading volume of the coin reached over $700 million in a day, coming in third place behind Dogecoin and Shiba Inu with the highest volumes.
Most PEPE holders still in profits
The coin experienced considerable decreases in value recently due to the wider market adjustment, dropping by 24% within the last week.
Despite the recent dip, most PEPE investors remained in the black based on data from analytics company IntoTheBlock.
Approximately 7 out of 10 people whose possessions were bought at an average price, saw those possessions being traded at a higher value later on.
In addition, the average investor saw a gain of 4.5%, unrealedized, based on Santiment’s analysis of their initial investments, according to AMBCrypto.
PEPE’s profitable performance could attract more people to join its community, as many individuals, particularly retail investors, are often influenced by profitability figures.
Be cautious of PEPE’s next moves
Meanwhile, PEPE looked bearish as per AMBCrypto’s examination of its key technical indicators.
With a value between 30 and 40, the Relative Strength Index (RSI) indicated significant selling force at work.
If the price rises beyond the 40 level, it might lead investors to anticipate a bullish recovery. In a bull market, the range between 40 and 50 often functions as a reliable support.
The On Balance Volume (OBV) followed the price direction, suggesting that the current downtrend might continue.
Whales remain unperturbed
In recent weeks, PEPE‘s value has dropped significantly. However, large-scale investors, referred to as “whales,” have been purchasing more of the meme coin at lower prices.
Read PEPE’s Price Prediction 2024-25
Approximately 1,000 to 1 million coin wallets have experienced a substantial growth in number, according to data from Santiment observed by AMBCrypto.
The majority of comments about the coin were positive, leading to a favorable Weighted Sentiment score.
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2024-04-18 00:07